Most of the bettors around the world assess the strength of the teams based on their own understanding of which of the two teams is stronger. Then they bet if the proposed by the bookmakers like bet365, William Hill and bet-at-home odds satisfy them.
These players generally bet on the favorites in a match and rarely back the underdog, because the weaker team generally rarely wins. However in betting this is a wrong approach, which leads to losses for all who use it.
Where is the catch? The bookies (bet365, William Hill, bet-at-home, etc.) know that most of the players will bet on the stronger of the two teams and to get equal distribution of the made by the players bets on the proposed rates, they place a higher margin of these teams. So the chances of the favorite to win a match are seriously overvalued, while those of the outsider are underestimated.
Of course, this doesn’t mean we all should start betting for the underdogs, because it will not bring us profit in the long term. However, it means carefully to estimate and calculate the odds offered by the bookmakers. We need to convert them into a percentage probability and based on it to assess whether it is worthwhile to make a bet or not.
Note that betting on the underdog if the probabilities are good in the long run is not a bad bet. If after a number of bets we are still at a profit, what can be better than that? Of course, the same applies to bet for the favourite. If after making a certain number of bets we find ourselves at a profit, that’s great.
This is a method for betting which is called value betting and it is something that a punter has to learn if he or she wants to be successful.